Nesco Holdings Inc., a provider of specialty rental equipment to the electric utility, telecom and rail end-markets, announced that it has closed the previously announced acquisition of Minnesota-based Truck Utilities Inc., a specialty rentals, service and truck upfitting company serving the electric transmission, distribution, telecom and other regional end-markets.
Truck Utilities provides specialized fleet and equipment, service, upfit, parts, tools and accessories to the Upper Midwest region from its three facilities located in St. Paul, Fargo and Kansas City. Truck Utilities' current fleet includes 132 specialty units.
"We are pleased to welcome Truck Utilities to the Nesco family and see the potential for significant synergies between our organizations," said Lee Jacobson, CEO of Nesco. "We believe that Truck Utilities' young, underutilized fleet, upfit capabilities and additional service locations will enhance our
existing business. Nesco's nationwide sales force and service network will bring scale to Truck Utilities existing platform and open the door to Nesco's long-standing customer relationships."
Nesco financed the transaction by drawing on its asset-based credit facility. As a result of the transaction, Nesco's leverage metric declined on a pro forma basis (including anticipated synergies).
About Nesco
Nesco is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. Nesco offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets including electric lines, tele-communications networks and rail systems.
Nesco's coast-to-coast rental fleet of more than 4,300 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories.
For more information, visit nescospecialty.com.
